Photo Credit: PNGX PNGX Markets Limited, Papua New Guinea's national stock exchange, and the Securities Commission of Papua New Guinea (SCPNG) have signed a Memorandum of Understanding on the preservation of an orderly market for listed securities. The Securities Commission may make public remarks regarding a listed business from time to time in the...

Photo Credit: UMM PNG The Bank of PNG (BPNG) expects headline inflation to be about 4% this year, down from 5.1 per cent in December of last year. The raw inflation amount provided by the consumer price index is known as headline inflation. Inflation in Papua New Guinea climbed from 2.9 per cent in 2019 to 5.1 per cent in December 2020, according...

Photo Credit: PNGX According to the PNG Securities Commission, the stock market in PNG is now worth over K120 billion. The PNG National Stock Exchange presently has 13 firms listed, according to acting executive chairman Robert Minak (PNGX). “The total market cap fluctuates around K120 billion,” he said. “The market tracks well and it’s steady...

FX market liquidity improved in the second quarter of 2021, with FX market turnover increasing by 19.7%. FX market liquidity increased in the June Quarter 2021, according to the BSP Pacific Economic & Market Insights Quarter 2 Report, with market turnover reaching 23.9 per cent in June and 19.7 per cent in the June Quarter 2021. “FX inflows for ...

According to firm chief executive officer Robin Fleming, interest in BSP Financial Group Ltd (BSP) shares on the Australian Securities Exchange (ASX) is strong, with the current bid price of AU$5 (K6.6). Fleming said there were some compliance obligations that shareholders needed to fulfill when BSP got listed on the ASX last month. Obtaining a tax ...

According to an S&P Global Rating research update, measures introduced in the battle against the Covid-19 are likely to bring more pressure on PNG's government finances. According to the study, the global pandemic has exacerbated PNG's systemic fiscal problems. “Much weaker revenues, coupled with larger recurrent expenditure, are a feature of th...

BSP Financial Group Limited (BSP) and the Department of Finance have signed a Memorandum of Understanding (MoU) to allow the government to raise non-tax revenue through a digital payment solution. This is the first such MoU with any government agency, according to BSP Group CEO Robin Fleming. “These payment gateway modes would appropriately suit dif...

The PNG Kina is expected to continue falling against the US dollar. The Kina traded steady in the first quarter of 2021, according to the BSP's Pacific and Economic Market Insight survey, thus depreciating 2.4 per cent year on year against the US dollar, from 0.2920 to 0.2850. Rohan George, BSP Group General Manager – Treasury, said, “The US Dollar ...

According to the Bank of PNG (BPNG), the average regular kina exchange rate has depreciated against all major currencies except the Japanese yen as of March 8.  The kina depreciated by 8.1 per cent against the Australian dollar, 7.5 per cent against the British pound sterling, 2.8 per cent against the Euro, and 0.9 per cent against the US dollar, accor...

The availability of foreign currency is crucial for promoting trade and enabling companies to continue importing goods for consumer consumption. It's also essential for investors to know that returns on capital investments can be repatriated if and when enough foreign currency is available in the country, according to Bank South Pacific CEO Robin Flemi...

Puma Energy PNG Ltd is concerned about a shortage of foreign currency (forex) to import crude oil in a timely manner, according to country manager and director Hulala Tokome. The business paid for its crude supplies when forex was available on the market, he said.  Tokome added that the availability of forex had influenced the crude oil purchase sch...

In support of the 2021 budgets and to boost the pandemic response, the government has secured a K1 billion loan from the Japan International Cooperation Agency (Jica). The funds will be used to support regional health centres. Jica will disburse about K988 million to help the national budget with an interest rate of 0.1 per cent per annual and four-yea...

The PNG market has adapted to 64 per cent Visa contactless transactions. This is significantly higher than other markets in the Asia-Pacific region such as Hong Kong, the Philippines, Malaysia, and Taiwan. According to Bank South Pacific’s digital general manager, Nuni Kulu, this is a magnificent start for the BSP digital payment system with an adoption r...

The foreign exchange liquidity in the country is predicted to increase this year. According to the Bank South Pacific, this could happen although the first quarter may be tight. In the BSP Economic and Market Insight December 2020 quarter publication, group general manager treasury Rohan George said that the foreign exchange inflows were expected to decre...

According to the Bank South Pacific (BSP) chief executive officer Robin Fleming, the kina depreciated by 2.9 per cent against the US dollar in 2020.“During the course of 2020, the Kina depreciated by 2.9 per cent against the USD, therefore, the cost of goods increase associated with the exchange rate for USD denominated imports would have been around 2.9 ...

According to Institute of National Affairs (INA) executive director Paul Barker, foreign exchange (forex) has stayed very tight since 2017, considered to be one of the major hindrances to investments and businesses in PNG. He added that his concern was the imbalance in the markets, partly linked with rigidities in the setting of exchange rates, and the un...